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State-owned arms manufacturer Denel had managed to pay creditors and employees over the past two months, but still needed to find a long-term solution to its liquidity crunch, the company’s executives said in Parliament on Tuesday. Denel faced a cash crisis in December, when there were reports that it would not be able to pay salaries. It is engaging with the Department of Public Enterprises and the Treasury to tackle the liquidity problems and in the short term is investigating the possibility of selling some assets to generate cash. Denel CEO Zwelakhe Ntshepe and chief financial officer Odwa Mhlwana replied to questions by members of Parliament’s public enterprises committee on recent developments in the company. Mhlwana said in an interview after the engagement with MPs that Denel initially hoped to get a R1bn state guarantee, but with the fiscal constraints facing the government had given up on this possibility. So it had begun to look internally at the possible sale of assets s...

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